Solid State Supplies PLC
11 August 2005
Solid State Supplies PLC (the 'Group')
Acquisition of Wordsworth Technology Limited
The Board of Solid State Supplies PLC ('Solid State') is pleased to announce
that it has acquired the entire issued share capital of Wordsworth Technology
Limited ('Wordsworth') for a consideration of £1.67 million (a further payment
may be made based on any increase in value of net assets at completion from the
value of the net assets at 31 March 2005) (the 'Acquisition'). The
consideration has been financed from the Group's own resources and bank
borrowings.
Established in 1985, Wordsworth is a systems integrator serving a wide range of
customers in its target markets of industrial control systems, aerospace and
defence and communications. Wordsworth is regarded as a leading 'one stop shop'
supplier, of industry standard computer boards, industrial computer systems and
real time software to original equipment manufacturers and value added
resellers. In the Board's opinion there is an experienced team at Wordsworth,
who are expected to be a valuable addition to the Group following the
Acquisition.
The Acquisition, which was referred to in outline at the time of the Group's
preliminary results announcement on 1 July 2005, furthers the strategy of BOX,
BOARD and CHIP solutions. In conjunction with the Group's existing engineering
solutions business, Steatite Limited, Wordsworth further enhances the Group's
ability to offer the Box and Board element, with the existing core Solid State
business providing the Chip solution.
The audited accounts of Wordsworth, as at 31 March 2005, show that the company
reported profits before tax of £422,240, and profits after tax of £316,560, on
turnover of £3.6 million. The net assets of Wordsworth as at 31 March 2005 were
£703,451.
The Board is pleased to report that the Group's existing businesses are trading
satisfactorily and that the interim results for the six months ended 30
September 2005 will be released in December.
11 August 2005
Further enquiries:
Gary Marsh
Managing Director
Solid State Supplies PLC
01892 836 836
Philip Davies
Charles Stanley & Co. Limited
020 7739 8200
This information is provided by RNS
The company news service from the London Stock Exchange
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